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Weekly Market Analysis October 23rd 2017 |
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Brexit weighs on pound, Fed hike bets support US dollar The pound spent much of last week on the decline, although some losses were recovered at the end of the week after a strong set of government borrowing figures. Sterling is on mixed form at the start of this week. The GBP/EUR exchange rate has climbed 0.3% to €1.1216, but the GBP/USD exchange rate has fallen -0.1% to US$1.3168. Growth and retail sales data over the coming days could make this week a rocky one for the pound. |
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Today's Rate The rates above are using the British pound (GBP) as the base rate. All rates are for indication purposes only. Prices can vary dramatically based on amount and delivery date. |
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| | "EU officials were reported to be preparing for discussion of trade talks in December, although the UK still has to settle its divorce bill first."  Transfer 24/7 with our currencies direct app   |
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Better-than-expected UK deficit figures boost pound after week of losses The pound spent much of last week on the decline, hammered lower by fears over the Brexit negotiations and the poor economic outlook. However, some positive government borrowing data on Friday allowed GBP to claw back some of its losses. |
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Mixed week for euro as Catalonia situation weighs on market confidence The euro was on varying form last week, in spite of some positive Eurozone data. Strong bets of an interest rate hike from the Federal Reserve in December undermined demand for EUR, while the political situation in Spain further softened market confidence. |
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Strong Fed hike bets keep USD afloat even as data disappoints US data may not have been particularly uplifting last week, but strong market expectations of monetary tightening from the Federal Reserve in December kept the US dollar largely on the uptrend. |
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Fluctuating risk appetite weighs on Australian dollar and New Zealand dollar The continued strong outlook for US monetary policy weighed on AUD and NZD last week, also the Reserve Bank of Australia (RBA) and New Zealand’s political situation both had roles to play in the market volatility. |
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